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Chart Commentary Disclaimer: Nial’s views on the Charts is not advice or a recommendation to trade or invest, it is educational and general information only. Don’t blindly buy and sell the markets/products discussed in this newsletter, do your own research and be aware of the risks and rewards.
Weekly Forex Trade Ideas & Chart Analysis by Nial Fuller – November 5th to 9th, 2018
TECHNICAL PRICE ACTION ANALYSIS:
All charts illustrated are daily chart time-frames unless marked otherwise.
EURUSD – Still contained under 1.1535
Summary: Price has now broken below both 1.1615 and 1.1535 support zones, activating a short term bearish leg lower. Price remains contained under the 1.1535 to 1.1615 resistance area and thus we continue to prefer selling short on strength whilst that resistance range holds firm.
Price has broken down has reached the major support at 1.1298 and rallied late last week and is now approaching resistance at 1.1535 again. Watch for price action sell signals on strength.
Trade Idea: Consider selling short on any short term strength whilst price is below 1.1535 key resistance level. Targeting a move to 1.1298.
USDJPY – Bullish above 112.05
Summary: The market is grinding higher after forming a base around 112.05 support, likely targeting a move back towards the old high around 114.50’s
The fakey discussed prior has triggered after prices took out the high of the mother bar of the fakey pattern. We continue to prefer buying on any price dips whilst price is atop the 112.05 support level.
Trade Idea: Consider buying on the dips whilst prices are above the 112.05 support area, targeting a move back to 113.18 and then 114.50’s (recent highs).
NZDUSD – Bearish under 0.6750
Summary: Long term down trend remains in tact with nearby resistance at 0.6705 and 0.6850.
Price moved up last week and formed a pin bar right at resistance. Expect sell pressure to continue whilst price remains contained under the 0.6705 to 0.6850 major resistance area. We prefer selling on any pockets of strength or waiting for a clear sell signal.
Trade Idea: Consider selling short on any price strength whilst price remains under the 0.6705 resistance level, or wait for another price action sell signal on 4 hour or daily chart to confirm an entry.
GOLD (Spot Gold) – Bullish above $1215
Summary: Prices remains in a short term bullish upward swing after having reconnected back above the short term resistance at the $1205 – $1215 zone and are staging a recovery.
Price surges higher from the $1215 support we had been discussing for the past few weeks. The bias remains bullish and thus traders can consider watching the $1215 support area for buying opportunities on any pull backs (old resistance now support).
Trade Idea: If not already long, consider waiting for a bullish price action signal whilst price is above the $1215 support level, targeting a move back to $1237 and possibly $1265.
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